Think back to when you first opened your current bank account. Chances are, it was when you were a student and you were lured to the bank or building society by a cheap overdraft and a free gift. In hindsight, the bank got a lot from you for that young person’s railcard they gave you all those years ago – at least a decade of business anyway. In fact, figures from GoCompare show that four in 10 of us women have never switched our bank accounts. Makes you wish you asked for a little bit more, doesn’t it?

But what has your bank done for you lately? My guess is, not that much. Of course it is happy to take your money, but savings rates are in freefall at the moment, with no signs of the slump ending any time soon, and many hopeful first-time buyers are being turned away when they apply for a home loan. If you ask me, there has never been a better time to learn that when it comes to financial products loyalty seldom pays.

So why not switch your current account and earn some free cash at the same time? There are a number of special offers on the market that will reward you for moving your custom, and the earnings potential is not to be scoffed at.

Show me the money

For instance, this week, new customers who open a 1st Account with First Direct are eligible for a cash incentive of £125. To qualify, you will need to deposit at least £1,500 per month into the account for the first three months to qualify and transfer at least two direct debits. If, after six months, you are unhappy with the account you are offered an additional £100 to move away.

While Halifax is paying £100 if you switch to its Reward Current Account. With this account you will earn £100 on the day that you open the account and so long as you deposit £1,000 into your account each month, you will be paid £5 every month. Santander will hand over £100 if you open its Preferred Current Account and deposit a minimum of £1,000 monthly.

While those who open a M&S premium current account between January 7 and February 28 get a £100 gift card to spend in stores. However, it is worth pointing out that this account carries fees of up to £240 a year in return for a wide range of M&S perks such as travel insurance and a dozen vouchers for 20pc off shopping over the first year. So do the maths first and make sure you'll use the benefits before you sign up.

It doesn't have to be a hassle

But the reason many of us fail to switch our bank account usually comes down to the fact we view it as a hassle. However, banks and building societies are required to follow strict rules that make switching accounts faster and more efficient.

Under current guidelines, your new bank has 10 working days to open an account once your application has been approved and your old bank has three working days to pass information such as the details of all your direct debits and standing orders along with your credit history.

The good news is, many accounts now offer an automatic switching service which means that your new bank is responsible for switching over all your direct debits and standing orders when you open a new account with them.

To be on the safe side, always ensure that your new bank will offer an interest-free ‘switcher’ overdraft which covers direct debits and standing orders that go through before money is paid into the new account.

Don't forget to tell your employer

And don’t forget to let your employer know that you are changing accounts.

While some banks will take care of this for you, you might as well err on the side of caution and provide them with your new account number and sort code. It also may be sensible to keep some money in your old account for a little while, just in case any problems occur.

Your bank has been getting an awful lot of you the last few years, so unless you feel it is a happy two-way relationship - take your money elsewhere and earn some cash at the same time.

Telegraph Wonder Women wants to hear what's on your mind when it comes to money. Are you perplexed by pensions, enraged by energy bills or confused by child care costs? Email your questions or comments to wonderwomen@telegraph.co.uk with 'Purse Strings' in the subject line and we'll consider including them in future columns.